The draft discusses the structure of the cryptocurrency market co-released by U.S. Senators to enhance the legal framework and strengthen investor protection.
The draft focuses on core issues such as Token classification, addressing regulatory fragmentation, banking activities, information transparency, and combating illegal finance, building on existing legislative proposals.
MAIN CONTENT
The draft is based on the CLARITY Act and the Lummis-Gillibrand proposal that has been passed by the House of Representatives.
Addresses issues such as Token classification, legal fragmentation, and illegal financial risks.
Gathers public opinions on 35 important topics including regulatory agencies, Stablecoin, and investor protection.
What highlights does the draft discuss regarding the structure of the cryptocurrency market?
According to Tim Scott, Chairman of the U.S. Senate Banking Committee, the draft is a coordinated effort to refine the cryptocurrency legal framework, aiming for greater transparency and safety for investors.
The draft combines elements from the CLARITY Act and the Lummis-Gillibrand proposal while adding many regulations regarding Token classification, addressing the regulatory fragmentation among agencies, issues related to banking and cryptocurrency, and measures against financial fraud. This is an important step in reforming the U.S. cryptocurrency market, attracting interest from many legal and financial experts.
"A clear and comprehensive legal framework helps the cryptocurrency market develop sustainably, protects investor interests, and promotes innovation."
Tim Scott, Chairman of the U.S. Senate Banking Committee, 07/22/2023
How does the draft deal with issues related to Token classification and fragmented regulations?
The draft emphasizes establishing a clear Token classification framework to avoid legal ambiguity, helping investors and businesses comply more easily.
Fragmentation in regulation between agencies like the SEC and CFTC has previously posed difficulties for cryptocurrency businesses. According to Eleanor Terrett, the draft proposes a more specific division of regulatory responsibilities while calling for public input to refine this detail, aiming to limit overlaps and disputes over jurisdiction.
What solutions does the draft propose for issues related to Stablecoin and investor protection?
The draft proposes strict regulations on Stablecoin to ensure financial stability and safety, which is one of the major concerns for both legislators and the market.
Investor protections are also strengthened with clear regulations on asset custody, information transparency, and prevention of fraudulent activities such as 'pig killing' scams. According to reports from financial experts, these solutions are key factors in enhancing investor confidence in the cryptocurrency capital market.
"Strengthening rules on Stablecoin and protecting users makes the cryptocurrency market safer, encouraging sustainable development."
Eleanor Terrett, cryptocurrency policy analyst, 2023
What important topics are being consulted in the draft?
The draft publicly solicits opinions on 35 key topics including the regulatory authority of the SEC and CFTC, exceptions for DeFi, cryptocurrency custody issues, and forms of fraud.
The openness to consultation helps the draft become more legally robust while ensuring social consensus in managing this volatile market, according to Tim Scott's statement in July 2023.
Frequently Asked Questions
How does the draft affect cryptocurrency investors?
The draft helps enhance protection, reduce fraud risks, and provide clearer regulations, boosting investor confidence.
How is Token classification regulated?
A clear definition of Token types helps investors and businesses accurately identify products and comply with laws more easily.
How does the draft address the issue of legal fragmentation?
Clear division of responsibilities between the SEC and CFTC reduces disputes and facilitates cryptocurrency regulation.
How is Stablecoin regulated according to the draft?
Imposes strict regulations on stability and transparency requirements to minimize financial risks associated with Stablecoin.
How can users provide feedback on the draft?
The draft opens public comments through the official U.S. Senate website on the listed topics.
Source: https://tintucbitcoin.com/du-thao-quan-ly-tai-san-tien-ao/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
